Good morning. In focus this week: A Canadian company provides a unique lens on the direction of artificial intelligence, central banks are expected to act decisively on holding still, and uncertainty becomes normalized.

Federal government: Prime Minister Mark Carney will announce this morning plans to create a sovereign wealth fund, a day ahead of the spring economic statement, The Globe is reporting.

Washington shooting: U.S. officials are examining how a gunman was able to storm a dinner attended by U.S. President Donald Trump, who has already drawn heightened security after surviving two assassination attempts.

Ridesharing: Ontario is allowing rideshare apps in northern parts of the province, angering local taxi companies.

A Canadian lens on AI’s path: “To understand the uncertainty around artificial-intelligence spending,” reporters Joe Castaldo and Sean Silcoff wrote in January, “look no further than Celestica Inc.”

The Canadian company’s results offer a less-abstract measure of hyperscaler spending through demand for its networking switches and data-centre gear. But its stock has come to trade more like a barometer of investor conviction in the broader AI buildout.

Even after the country’s third-largest tech company blew past analyst expectations at the beginning of the year, its share price closed the day down more than 10 per cent. That had more to do with investor anxiety about whether record spending on AI infrastructure was sustainable.

Almost four months on, Celestica’s shares have climbed more than 40 per cent, and a rally in chipmaking stocks has reinforced a fresh wave of optimism across AI shares.

The company’s earnings after market close today – arriving the same week as results from Microsoft, Alphabet, Amazon, Meta Platforms and Apple – will offer a window into how much of that optimism is supported by actual on-the-ground spending. But the fate of its stock, as my colleagues observed in their koan-like way, will likely reflect much larger forces at play.

A big week on Bay

Those five tech giants are headlining a weighty week of quarterly results south of the border. But news‑making companies across key Canadian sectors are also filling the week’s earnings calendar. GFL Environmental will face questions about its recent acquisition of SECURE Waste Infrastructure. Air Canada is paying higher prices for jet fuel because of the war in Iran but has passed along costs to travellers.

• Monday: Celestica; TFI International.
• Tuesday: Aecon Group; Toromont Industries; Winpak.
• Wednesday: Canadian National Railway; Canadian Pacific Kansas City; Brookfield Infrastructure Partners; CGI; GFL Environmental; Methanex; West Fraser Timber; Whitecap Resources.
• Thursday: Air Canada, Agnico Eagle Mines; Bombardier; AltaGas; Gildan Activewear.
• Friday: Fairfax Financial Holdings; TC Energy; Imperial Oil; Magna International; Brookfield Renewable Partners.

For a full list of earnings and economic events, you can find our calendar here.

Hold, please